Turkey’s bizarre economic experiment enters a new phase

It was supposed to bring respite. Instead, Turkey’s election, which surprised investors by re-anointing Recep Tayyip Erdogan as president on May 28th, has deepened the country’s economic malaise. In the past fortnight the lira has lost 5% of its value against the dollar, falling to a rate of 21 to one. Some economists think it could hit 30 by the year’s end, despite the government’s attempts to prop it up. The central bank’s net foreign-exchange reserves are now in the red, having been depleted as savers and investors flee the currency.